Genesco swings to loss

NEW YORK (MarketWatch) - Genesco Inc.
GCO, -1.62%
on Thursday swung to a net loss of $4.2 million, or 19 cents a share. In the year-ago period the company earned $5.9 million, or 24 cents a share. Excluding discontinued operations, Genesco posted a loss of 13 cents a share. Results for the quarter included 13 cents a share in expenses related to the proposed merger with a subsidiary of the Finish Line Inc.
FINL, -0.74%
Net sales rose to $328 million from $304.3 million. "Our second-quarter results were affected by the combination of a later start to back-to-school, later sales tax holidays in Texas and Florida and a generally challenging retail environment, especially in footwear," Genesco Chairman and Chief Executive Hal Pennington said in a statement. "While back-to-school season is still in progress, we are encouraged by the improving trend in sales for the third quarter to date." Genesco operates Johnston & Murphy stores, Hat World and Journeys.

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